Loan to Buy Maid-Rite Sandwich Shop Franchise Issued By Iowa State Bank

Borrowing money to purchase a Maid-Rite Sandwich Shop franchise? Iowa State Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Maid-Rite Sandwich Shop franchise shouldn't be too tough. In 2007, Iowa State Bank issued an SBA franchise loan to an entrepreneur in Des Moines, Iowa. Because Maid-Rite Sandwich Shop was registered with the SBA's registry of franchises, this Iowa small business loan was issued on an expedited basis.

SBA Loan Borrower

SACCO'S SW 9TH MAID RITE SANDW
DES MOINES, IA 50317

SBA Loan Lender

IOWA STATE BANK
627 E LOCUST ST
DES MOINES, IA 50309

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

11/9/2007

Loan Approval Gross Amount

$132,100

Loan Approval from the SBA

Of the total $132,100 loan amount, the SBA guaranteed $66,050.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Maid-Rite Sandwich Shop franchise. At the time of the loan, the company had 6 employees. The loan application indicated that the loan would help generate 1 new job and retain 5 existing jobs.

Getting an SBA Loan For Your Business

If you are wondering how to find money to start a business or need money to grow a business, an SBA loan can be a great funding source

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Iowa State Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

Maid-Rite Sandwich Shop

SBIR Funding

Best Des Moines, Iowa Banks for Small Business

Browse All Business Loan Sources for Iowa